"If you are asking about petrol price increase, the answer is no," he said when asked to comment on rumours about the price increase.

He was speaking to reporters after launching Lexus Malaysia's first 3S (service, sales and spare parts) centre here Friday.

In February last year, the government announced a 30-sen hike in the prices of petrol and diesel to RM1.92 and RM1.58 per litre respectively and the price of liquefied petroleum gas (LPG) to RM1.75 per kg.

The fuel price increase was the largest ever in the country but still kept Malaysia as the second lowest in the region after Brunei in terms of retail fuel prices.

Before that, the last time the prices were increased was on July 31, 2005, when the petrol price went up by 10 sen per litre, diesel price by 20 sen per litre and LPG price by five sen per kg.

"If you are asking about petrol price increase, the answer is no," he said when asked to comment on rumours about the price increase.

He was speaking to reporters after launching Lexus Malaysia's first 3S (service, sales and spare parts) centre here Friday.

In February last year, the government announced a 30-sen hike in the prices of petrol and diesel to RM1.92 and RM1.58 per litre respectively and the price of liquefied petroleum gas (LPG) to RM1.75 per kg.

The fuel price increase was the largest ever in the country but still kept Malaysia as the second lowest in the region after Brunei in terms of retail fuel prices.

Before that, the last time the prices were increased was on July 31, 2005, when the petrol price went up by 10 sen per litre, diesel price by 20 sen per litre and LPG price by five sen per kg.

-- BERNAMA

The thing that people are missing out on is that petrol price should be going down not up as petrol price has gone down significantly since the most recent record high that was used to justify the last rise

BANGI: High-income earners will have to start paying the market price for RON95 petrol, while those in the low-income bracket will continue to enjoy the current subsidised rate once the petrol subsidy rationalisation mechanism is implemented in June.

The current market rate for RON95 is RM2.58 per litre, while the subsidised price is RM2.30 per litre.

Deputy Finance Minister Datuk Ahmad Maslan said the mechanism, which might involve the use of MyKad or other cards, was still being refined by the Finance and the Domestic Trade, Co-operatives and Consumerism ministries.

DUBAI: The new fuel subsidy scheme for RON95 petrol will come into effect mid-2015, while that for diesel will be slightly earlier, said Finance Minister Datuk Seri Najib Tun Razak.

"It is a bit premature (to disclose details) as it is still at a 'request for proposal' stage. We are looking at proposals, which means we will not implement it immediately. As for now, the present system will continue," said Najib, who is also Prime Minister, after attending the 10th World Islamic Economic Forum (WIEF) here on Thursday.

He said the announcement on income-based fuel subsidies made by Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah on Monday was just preliminary.

PUTRAJAYA: All subsidies for RON95 petrol and diesel will be stopped beginning Dec 1, said Datuk Hasan Malek.

The Domestic Trade, Cooperatives and Consumerism Minister, who announced this at a press conference here on Friday, said the retail prices for RON95 petrol and diesel will be fixed according to a managed float, similar to the mechanism dictating the RON97 petrol price.

Hasan said there would be an announcement at the end of each month to set the following month's fuel prices.

PUTRJAYA (Nov 21): The prices of RON95 petrol and diesel will be fixed by managed float mechanism effective next month. However, this does not mean that the government will abolish fuel subsidy totally, said Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hasan Malek.

When contacted, Hasan told theedgemarkets.com that the government decided to adopt the managed float mechanism as the crude oil prices are low now. However, it will review the decision accordingly when the international crude oil price reverses its downtrend and heads up again.

He reiterated that today's announcement on the implementation of a managed float mechanism on the pump prices of RON95 and diesel does not mean that the government will abolish petrol subsidy altogether from next month.

When asked on the subsidy rationalisation programme, the minister said a study on the mechanism is still ongoing.

"We are in the process of studying it now. There are 28 companies that have come out with different proposals, which would be studied by a panel of experts and the ministry," said Hasan

The disposal is for a cash consideration of RM430,000, reflecting 312,245 ordinary shares of RM1 each in BSSB. The proposed disposal will allow PE to focus on its existing business, also noting that BSSB has yet to commence business operations and thus do not have any current contracts.

The disposal is expected to be completed by the fourth quarter of financial year 2014 (4QFY14). We do not view this disposal negatively, because we understand the group has taken calculated measures in planning for the growth of their subsea division.

According to reports, the at-the-pump price of RON 95 and RON 97 petrol as well as diesel is expected to be lowered at the end of the year. Deputy finance minister Datuk Ahmad Maslan said the new prices are due to be announced on Dec 31.

In an earlier report, Maslan had indicated that prices of petrol and diesel fuels may continue to drop until January. Average weekly global oil prices had been dropping up to the first week of December. “According to the trend this week, RON 95 will fall further, RON 97 will fall further, and diesel may fall further from RM2.23 per litre at present,” he said then.

PETALING JAYA: Prices for RON95 and RON97 petrol will go down by 35 cents per litre from Jan 1, while diesel is down by 30 sen.

With the drop, fuel prices per litre are now RM1.91 for RON95 petrol, RM2.11 for RON97, and RM1.93 for diesel, announced the Domestic Trade, Cooperative and Consumerism Ministry in a statement Wednesday.

(Jan 13): Oil extended losses to trade below $45 a barrel amid speculation that U.S. crude stockpiles will increase, exacerbating a global supply glut that’s driven prices to the lowest in more than 5 1/2 years.

Futures fell as much as 3.6 percent in New York, declining for a third day. Crude inventories probably gained by 1.75 million barrels last week, a Bloomberg News survey showed before government data tomorrow. The United Arab Emirates, a member of the Organization of Petroleum Exporting Countries, will continue to expand output capacity, while shale drillers will probably be the first to curb production as prices fall, according to Energy Minister Suhail Al Mazrouei.

Right now the oil market is totally focused on finding a bottom for oil prices. However, according to OPEC's Secretary-General Abdulla al-Badri we've already hit bottom. Not only that, but he sees a real possibility that oil prices could explode higher to upwards of $200 per barrel in the future. He's far from the only one that sees a return of triple-digit oil prices.

Finding a bottom

According to the Secretary-General, speaking in London on Jan. 26, the oil market doesn't need to look for oil prices to bottom as the market has already bottomed. Instead, he offered quite bullish comments by saying, "Now the prices are around $45-$55, and I think maybe they [have] reached the bottom and we [will] see some rebound very soon." Now, normally that type of remark would be just another layer of noise, but this is coming from OPEC's Secretary-General so it comes with a lot of weight behind it.

That said, he's not saying that OPEC will come in and rescue the oil market by reversing its previous decision to hold steady on production. Instead, he sees the signs that the oil market is self-correcting as oil companies have made deep cuts to spending, which will eventually lead to lower production growth. Further, the rig count in the U.S. is plunging, which is usually a key to a bottom in oil prices. However, in the midst of cutting back as the industry works through the current oversupply the Secretary-General is now warning that the industry is putting future oil supplies at risk by under investing today.

As many have been dreading, fuel prices are likely to be back at January levels as global crude oil prices have returned to where they were trending at the end of last year.

This most probably means RON95 could revert to being around RM1.90 per litre when the government reveals this weekend the managed float market pricing for March.

The higher price, compared to what consumers are enjoying now in February, is due to the global benchmark Brent crude price now hovering around the US$60 (RM216.50) mark – compared to around US$48 in January.

PETALING JAYA: The prices of RON97 and RON95 petrol and diesel for the month of May remain unchanged.

A spokesman for the Domestic Trade, Cooperatives and Consu*merism Ministry told Bernama that fuel prices would remain at RM1.95 per litre for RON95 petrol and diesel and RM2.25 for RON97 petrol, inclusive of GST.